TCPL Packaging Q2 FY27 Results (NSE: TCPLPACK)
Signal: Growth reaccelerated
The read
The operating recovery strengthened: consolidated revenue growth accelerated to 21.8% YoY from 16.0% in Q1FY27 and gross margin rose 134bps YoY to 42.5%, lifting PAT growth to 57.7%; however, H1 operating cash flow fell to ₹58.44 crore from ₹91.97 crore as receivables and inventories increased, while PPE declined despite higher depreciation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹561.01 Cr | +21.8% | +13.8% |
| Net profit | ₹45.3 Cr | +57.7% | |
| EPS | ₹49.78 | +57.7% | |
| EBIT margin | 17.8% |
P&L walk
Revenue accelerated to ₹561.01 crore, +21.8% YoY and +13.8% QoQ, while gross margin expanded to 42.5% from 41.1% and EBITDA margin improved to 17.8% from 17.0%; lower finance cost and operating growth drove PAT to ₹45.30 crore, +57.7% YoY.
Segments
The group is single-segment Packaging; consolidated revenue of ₹561.01 crore exceeded standalone revenue of ₹539.55 crore by ₹21.46 crore, while consolidated PAT of ₹45.30 crore was only ₹0.21 crore above standalone PAT, indicating subsidiaries added revenue but little incremental profit.
Key positives
- Consolidated revenue reached ₹561.01 crore, up 21.8% YoY and 13.8% QoQ, accelerating from Q1FY27's 16.0% YoY growth.
- Gross margin expanded 134bps YoY to 42.5% as material, purchase and inventory costs fell to 57.5% of revenue from 60.1% a year ago.
- EBITDA margin improved 80bps YoY to 17.8%, while finance cost declined 22.6% YoY to ₹15.21 crore.
- PAT rose 57.7% YoY to ₹45.30 crore and EPS rose in line from ₹31.56 to ₹49.78, with no dilution signal.
Key concerns
- H1 operating cash flow declined to ₹58.44 crore from ₹91.97 crore despite H1 PAT increasing to ₹85.31 crore from ₹51.04 crore.
- Consolidated trade receivables increased to ₹504.50 crore from ₹460.03 crore and inventories to ₹295.33 crore from ₹242.90 crore since March 31, 2026.
- Net debt increased to ₹588.62 crore from ₹565.36 crore at March 31, 2026, while PPE declined and depreciation increased.
Research and educational content only. Not investment advice.